Valid and Binding Obligation of Obligor. Each Receivable is the legal, valid and binding obligation of the Obligor thereunder and is enforceable in accordance with its terms, except only as such enforcement may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors' rights generally, and all parties to such contract had full legal capacity to execute and deliver such contract and all other documents related thereto and to grant the security interest purported to be granted thereby.
Valid and Binding Obligation of Obligor. Each Subsequent Receivable is the legal, valid and binding obligation of the Obligor thereunder and is enforceable in accordance with its terms, except only as such enforcement may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors' rights generally, and all parties to such contract had full legal capacity to execute and deliver such contract and all other documents related thereto and to grant the security interest purported to be granted thereby.
Valid and Binding Obligation of Obligor. Each Receivable is the legal, valid and binding obligation of the Obligor thereunder and is enforceable in accordance with its terms, except only as such enforcement may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors' rights generally, all parties to such contract had full legal capacity to execute and deliver such contract and all other documents related thereto and to grant the security interest purported to be granted thereby and no party to such contract is in violation of any applicable law, rule or regulation that is material to the Receivable or the sale of the Financed Vehicle; the terms of such Receivable have not been waived or modified in any respect (other than with respect to amendments permitted by clause (viii) above).
Valid and Binding Obligation of Obligor. Each Transferred Receivable is the legal, valid and binding obligation in writing of the Obligor thereunder and is enforceable in accordance with its terms, except only as such enforcement may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors' rights generally, and all parties to such contract had full legal capacity to execute and deliver such contract and all other documents related thereto and to grant the security interest purported to be granted thereby. No Transferred Receivable is subject to any right of set-off by the related Obligor.
Valid and Binding Obligation of Obligor. Each Related Receivable represents the legal, valid and binding obligation in writing of the Obligor thereunder and is enforceable in accordance with its terms (subject, as to enforcement of remedies, to applicable bankruptcy, reorganization, insolvency, moratorium or other laws and legal principles affecting creditors’ rights generally from time to time in effect and to general equitable principles, whether applied in an action at law or in equity) and all parties to the related Contract had full legal capacity to execute and deliver such Contract and all other documents related thereto and to grant any security interest purported to be granted thereby. No Related Receivable is subject to any right of setoff by the Obligor.
Valid and Binding Obligation of Obligor. Each Receivable represents the genuine, legal, valid and binding obligation of the Obligor thereunder and is enforceable by the holder thereof in accordance with its terms, except only as such enforcement may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally, and all parties to such contract had full legal capacity to execute and deliver such contract and all other documents related thereto and to grant the security interest purported to be granted thereby. Each Receivable is in full force and effect in accordance with its respective terms. The Receivables represent undisputed, bona fide transactions completed in accordance with the terms and provisions contained in the Contracts relating thereto.
Valid and Binding Obligation of Obligor. Each Receivable is the legal, valid and binding obligation in writing of the Obligor thereunder and is enforceable in accordance with its terms, except only as such enforcement may be limited by
Valid and Binding Obligation of Obligor. Each Auto Loan is the legal, valid and binding obligation in writing of the Obligor thereunder and is enforceable in accordance with its terms, except only as such enforcement may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors' rights generally, and all parties to such contract had full legal capacity to execute and deliver such contract and all other documents related thereto and to grant the security interest purported to be granted thereby. There are no proceedings pending or, to the best of the Originator's knowledge, threatened wherein the Obligor or any governmental agency has alleged that any Auto Loan is illegal or unenforceable.
Valid and Binding Obligation of Obligor. Each Contract is the legal, valid and binding obligation in writing of the Obligor thereunder and is enforceable in accordance with its terms, except only as such enforcement may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally, and all parties to such Contract had full legal capacity to execute and deliver such Contract and all other documents related thereto and to grant the security interest purported to be granted thereby.
Valid and Binding Obligation of Obligor. The related Obligor of each Receivable is contractually obligated to make payments with respect to such Receivable directly to the Seller (or to the Issuer (as assignee of such Receivable)). Each Receivable and each contract related thereto is (a) in full force and effect, (b) the legal, valid and binding obligation of the Obligor thereunder and each other party thereto, (c) enforceable in accordance with its terms, except only as such enforcement may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors' rights generally, and (d) all parties to such contract had full legal capacity to execute and deliver such contract and all other documents related thereto. No event has occurred under any contract related to a Receivable that would give the Obligor thereunder the right to terminate such contract for cause or otherwise. All necessary consents by each Obligor to the assignment of the Receivables have been obtained and are in full force and effect.
